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Title: The ownership-performance relationship: agency issues in private family firms
Authors: VOORDECKERS, Wim 
Issue Date: 2012
Abstract: Using a cross sectional sample of 2863 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine authorship dispersion proxies with moderating management and family variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in a later generational stage, giving support to predictions put forth by agency cost models in private family firms (Schulze, et al., 2003). Our results also suggest that the zero agency-cost base case as described by Jensen and Meckling (1976) is in fact no zero agency cost case due to ignored agency costs in family firms.
Keywords: ownership; performance; SME; family firm
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Category: R2
Type: Working Paper
Appears in Collections:Research publications

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